By now it should be clear that NFT art is big news. It should also be pretty obvious that this is beyond a passing fad. Simply put, NFT art is here to stay. Nevertheless, for a lot of people big questions still prevail, with many asking ‘why buy NFTs?’ in the first place, and ‘what are my opportunities in the NFT art collections market?’
To begin with, let’s look at the basics — why buy NFTs at all? In order to address this, we first need to consider what NFTs are.
Non-fungible tokens are unique digital assets that cannot be copied or altered. They use blockchain transactions to lock in certain things the NFT owner gets to keep, along with a smart contract.
Most successful nft collections
The highly-awaited Cool Pets extension was continuously delayed, the $MILK token has fallen drastically in price, and Cooltopia has been buggy. Lisa Teh, Co-Founder of Mooning.com and Founder of CODI Agency tells nft now, “There is enormous pressure on founders to keep their community engaged. You need to be seen as consistently moving forward, otherwise, your community can get distracted by another project, and the reality is, there are only so many hours you can spend on Discord a day, so if they aren’t getting value from your community and roadmap, they can easily switch out to something new and shiny.
Also, if a project stops delivering on its roadmap or continuously fails to meet deadlines, this can have a detrimental effect on the community.”
Amidst the downturn, CEO Chris Hassett stepped down.
NFT project look like a pixelated version of punks that can be bought, sold or bid on. The collection includes punks, which are the most common form. There are another 88 zombie punks, 24 ape punks and nine alien punks in the collection.
These punks come in special background colours that enable buyers to know about the status of the digital asset.
A red background denotes that it’s for sale, while those with purple background signify bids are ongoing for the character. However, if the background colour is blue, the punk is not for sale.
The CryptoPunk sold at the highest price was an alien avatar worth USD 7.58 million.
American rappers Jay-Z and Snoop Dog, along with tennis player Serena Williams, are some of the famous CryptoPunk NFT holders.
Bored Ape Yacht Club
One of the most famous NFT collections in today’s time is the Bored Ape Yacht Club (BAYC).
- Launch price and date: 2.5 ether ($7,500) at a Dutch auction, May 2021
- Current floor price: 9 ether ($26,000)
- Highest sale: 130 ether ($492,000)
You can’t be in the NFT space for long without chancing across Gary Vaynerchuk, better known as Gary V. Vaynerchuk, who runs VaynerX and is the co-founder of Resy. He’s also a huge NFT proponent and is among the burgeoning industry’s biggest influencers.
His first collection, VeeFriends, launched in May 2021 and has retained a floor price near or above 10 ether ($30,000).
The collection harnesses Vaynerchuk’s status as a popular NFT figure: Each token was drawn by Vaynerchuk and grants three years’ access to VeeCon, Vaynerchuk’s annual “Web3” conference. Many also came with special benefits, like gifts from Vaynerchuk and his team or the ability to hang out with the man himself.
With their acquisition of CryptoPunks and Meebits, and a $450 million dollar raise from Andreessen Horowitz, Yuga Labs is building a media empire stretching across books, movies, TV, and more.
Outside of the exclusivity and signaling power, a large part of the selling point for BAYC is the community and commercial usage rights. With commercial usage rights, anyone can use the IP of their Ape to spin off businesses and enter into licensing deals. Add in member-exclusive merch, events, and lucrative airdrops like Mutant Ape Yacht Clube, and BAYC has built a suite of compelling member offerings.
Herbst explains that in addition to a collection’s historical significance, one of the most important things that determine if the project has staying power is its ability to stand as a status symbol.
Most valuable celebrity collections
1 – VeeFriends, $68,592,820 of celebrity investment:
The collection that celebrities have invested the most in is VeeFriends. In excess of $68 million of celebrity money has been invested in these NFTs.
In total 1,023 are owned by celebrities such as Logan Paul, Beeple, and Steve Aoki. However, the biggest investor in VeeFriends is its creator, Gary Vee himself. Vee owns 1,018 NFTs from his own collection, valued at $68,260,000.
2 – CryptoPunks, $37,439,680 of celebrity investment:
CryptoPunks has the second highest amount of celebrity investment, as over $37 million has been invested by nine different celebrities.
Many tokens from NBA collections have increased in value dozens of times since the beginning of the year and continue to increase in value as NFT becomes more popular.
In 2017, Matt Hall and John Watkinson, founders of Larva Labs in New York, created a program that generated thousands of different weird-looking characters. At first they thought they had the makings of a smartphone app or game. They ended up with a paradigm-changing model for the digital art market and challenged the very concept of “ownership.”
CryptoPunks is a 24×24 collection of pixel art style images.
There are exactly 10,000 tokens in total, each with its own personality and a unique combination of distinctive, randomly generated features.
Gen2 was minted on August 3, 2021, for 2 SOL, with 6% of every Gen2 trade deducted as royalties, where 2% goes to the community wallet, 2% to the NFT creators, and 2% to the holders of the Gen1 set.
In October, Solana Monkey Business or SolMonkey became one of the most expensive NFTs on the Solana blockchain selling for $2 million or 13,027 SOL. “Skelly King” remains the highest NFT sale on the Solana Blockchain. The Current SMB price for this project sits at a floor price of 322 SOL or $42,169.
Notable Solana art NFT Drops
With Solana Monkey Business currently holding the title for the most successful NFT project on the Solana blockchain network, a few projects are worthy of a follow.
Degenerate Ape Academy – Degenerate Ape Acadamy is a collection of 10,000 degenerate apes on the Solana blockchain.
Its main feature was the ability to “breed” virtual pets by combining and creating new tokens.
The popularity of CryptoKitties was once so great that at one point more than 11 percent of all transactions in the Ethereum blockchain were NFT transfers of this project. Most interestingly, CryptoKitties was not the first NFT project – that title belongs to the startup CryptoPunks, which significantly outperformed CryptoKitties in terms of transaction volume, but already in 2021. So what are the reasons for the high popularity of non-fungible tokens? Here we should highlight several of their advantages at once:
The fact of owning something in a single instance can already give the thing a fundamental value;
There are millions of NFTs now, but they’re not all guaranteed to be successful. Trending collections and overall consumer interest are two of the biggest predictors in value in NFTs and crypto. The more popular a collection is, the more likely is it that the NFTs will appreciate.
If you decide to invest in NFTs or crypto gaming, know that the value of any given NFT isn’t guaranteed.
NFTs, short for non-fungible tokens, made headlines when American artist Beeple’s work, Everydays: The First 5000 Days, was sold for USD 69 million in March 2021. With such exorbitant amounts being splurged on digital assets, the most popular NFT projects have lured more people to invest in the metaverse.
Today, several NFT projects are launching each day. From world-renowned singers to movie stars and public figures, everyone is investing in digital assets and flaunting them on social media, which is leading to an exponential increase in NFT sales.
Here are some of the most popular NFT projects you must know about
CryptoPunks was one of the first non-fungible token projects on Ethereum.
Launched in 2017 by Larva Labs, they were algorithmically generated and have a collection of 10,000 unique collectable tokens.